This company makes a solid attempt to appear legit. If the license number wasn’t fake, they may have been able to even fool someone. However, their lack of a proper regulation gives away the fraudulent intentions brewing behind the scenes.
Keep reading our Wallbitex review to find out everything you need to know about unscrupulous crypto providers before you invest in any of their seemingly attractive services.
| Regulated by: | Unregulated Crypto Exchange |
| Is This Company Safe? | No, this crypto platform lacks regulation so they can’t be safe for investing! |
| Known Websites: | wallbitex.com |
| Have Warnings from: | N/A |
| Registered in: | Estonia |
| Operating since: | 2020 |
| Trading Platforms: | Web |
| Maximum Leverage: | Leveraged trading not available |
| Minimum Deposit: | 0.006 BTC or 300 EUR |
| Deposit Bonus: | No |
| Trading Assets: | Crypto |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Money transfers on this site are unsafe – better get our legal help if you want to see your funds back. |
Another Estonian Exchange
This EEA country is especially attractive to virtual asset services providers for their loose regulatory standards concerning crypto services. While the owning company is registered in Estonia in 2019 as BigDrop OÜ, they have not entered the collective register, MTR, that contains data on regulated entities in the country.
Moreover, the business doesn’t have any other license to speak of. If the conduct was supervised by a Tier 1 entity like FCA, ASIC, CySEC or NFA, they’d be considered safe and legit. This way, we can only recommend our readers to stay away and choose a reliable exchange instead.
Onenfx operates in the same manner and makes an effort to introduce their firm as something it is not, all for the purpose to deceive traders, so beware.
How The Fraud Functions
The problematic wallbitex.com domain was created in July 2020. The majority of people who use the site are from these nations:
- United Kingdom
- Spain
- Germany
- Poland
- Netherlands
There are no online adverts, no social network links – but fraudsters can’t exactly use traditional marketing methods. Many unlicensed firms resort to using so-called boiler room agents instead. These agents comprise the majority of the workforce in the online scam industry.
They are usually young, charismatic individuals. A script created up front lets them easily manipulate their victims into investing swathes of money. The funds are, unfortunately, stolen, but there’s a way to recover them, so contact our experts to learn more.
Untrustworthy Company
It’s difficult to trust a firm that hides so well that there’s almost no client feedback about their business. The Wallbitex reviews are incredibly scarce, with only a few of them ever posted on TrustPilot. Even so, the client sentiment is almost universally bad, and the company has an overall rating of 2.8 .
Lowest Costs in Industry? Hardly
The Wallbitex exchange commissions and costs are only described as “never seen” how allegedly low they are. Unfortunately, when they’re left hidden, there’s no way to compare them to average fees present on major crypto exchange websites.
Web widget that serves for buying crypto includes an obligatory processing fee, which is 5% of the total amount you’re willing to spend and that is the only cost revealed.
Unrealistic Affiliate Bonuses
Every client that refers their friends and family to join, creates a way to obtain passive income through their deposits and transfers. Allegedly, you can earn up to 20% per each transaction your affiliates make. The number of people you refer is also supposed to bring you discounts, but none of that is explicitly explained.
Barebone Trading Environment
The simple business of exchanging FIAT to crypto does not require a very advanced environment. This one, however, has still managed to disappoint. Let’s have a brief look at the trading amenities available on the site.
Trade At Your Own Peril
The entire trading deal is done directly on the site. Consequently, there is no Wallbitex app to speak of, only a simplistic form on one of the website pages.
This opens a whole can of worms when it comes to data security, as any hacker worth their salt can intercept the data with relative ease. Thus, sensitive client information like credit card numbers and crypto wallet addresses will naturally be leaked to the public.
Coin Selection is a Joke
The firm offers a total of 5 different coins for purchase, and the offer includes BTC, ETH, LTC, USDT and BCH. Many legitimate competitors to this service offer tens of thousands of coins, tokens and NFTs, all in a streamlined trading environment.
One additional problem with Wallbitex crypto service is that their rates do not match the actual market information. Assets are sold at what seems to be a price lowered by 25%, setting a trap for traders that specialize in arbitrage.
Should You Join this Crypto Portal?
Opting for a Wallbitex login is a painfully long process because the confirmation email that you’re obligated to click on takes forever to arrive. Even after a couple of hours later, we still didn’t get the verification code and could not complete the sign up procedure even after sharing our contact information.
The swindlers obviously force potential new members into sharing sensitive information and then don’t allow them to just join. This could signify involvement of boiler room operators that call targets and pester them to invest.
Payment Process: How Safe is it?
Performing a transaction on this site bears several disturbing risks, like the fact that there is no Wallbitex wallet to speak of. First of all, your credit card information could easily be stolen and your bank accounts emptied in a matter of minutes. Secondly, hidden fees can force you into payments you didn’t plan to make.
Lastly, this fake service won’t even sell you the crypto you intended to purchase, they will only take your deposit. All in all, money transfers via this portal are dangerous, unsafe and can result in personal financial catastrophes for investors.
Non-existent Help Desk
As with other shady services like Mekness, the customer support only exists to keep the users occupied for longer. People will try to contact the firm through email or phone, only to be met by yet another boiler room. Issues are never resolved, and many victims are just left hanging for months on end until they ultimately give up.
Chargeback Team at Your Disposal!
Did you lose your money on a useless crypto service and had your credit card dried by cyber criminals? Please contact our legal advisors immediately!
Our years of knowledge, experience and good practice overall have helped us develop the skills necessary for combating financial crime and taking back lost investments. Our chargeback experts are at your service, so book your free consultation wherever you see convenient.
FAQ Section
What is Wallbitex?
It is a cryptocurrency exchange hoax allegedly operating from Estonia. In reality, the firm is not regulated.
Is Wallbitex Exchange Legit?
While the company is legally registered, it does not have the necessary license to conduct their business.
What is CipherTrace?
It is a specialized toolkit that allows tracking crypto transfers through the blockchain. Contact our experts to learn how it may help you resolve your Wallbitex withdrawal issues.
Source:
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